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Busy Data Docket Headlined By Chile July Economic Activity

LATAM
  • A busy LatAm data schedule on Tuesday begins with Brazil Industrial Production for June. Chile Economic Activity highlights the docket and will be followed by PMI data for both Brazil and Colombia. Mexico remittances and Banxico’s economist survey will both precede Brazil’s monthly trade balance data for July.
  • CHINA: MNI (Beijing) - China's Caixin manufacturing PMI dropped 1.3 points to register 49.2 in July from June, falling into the contraction zone below the breakeven 50 mark again after two months of expansion, due to sluggish demand, the financial publisher said Tuesday. The new orders and production sub-indices recorded new lows since January and February, respectively, as weak demand, especially external demand, weigh on production.
  • AUSTRALIA: The Reserve Bank of Australia board left the cash rate unchanged at 4.10% for the second consecutive month, but retained a tightening bias, noting the pause would allow more time to assess the impact of higher rates. In a statement, Governor Philip Lowes said inflation remained high, particularly services prices and rent. “The recent data are consistent with inflation returning to the 2–3% target range over the forecast horizon and with output and employment continuing to grow,” Lowe noted.
  • US: ISM manufacturing for July takes focus after yesterday's MNI Chicago PMI came in slightly below expectations. Fed's Goolsbee is set to speak, however only welcoming remarks are scheduled, meaning policy commentary could be limited.

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